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Mastercard Index: Love and Pockets Run Deep in Asia Pacific as Valentine’s Day Spend Soars

Singapore, 13 February 2018 – Is romance in Asia Pacific slowing down?Mastercard’s latest Love Index findings suggest otherwise, as sentimental spending in the region has heated up by 22 percent since 2015. Overall transactions during the Valentine’s Day period also shot up by 74 percent over the last three years, indicating Asia Pacific’s consumers are feeling more loved than ever.

The annual “Mastercard Love Index”, created by analyzing global credit, debit and prepaid transactions from 11 – 14 February between the years 2015 – 2017 shows that food is the universal language of affection. Across Asia Pacific, dinner dates remain the most popular way to say “I-Love-You”, consuming a 69 percent share of spend and nearly a third of transactions in 2017.

Although the stomach may be the quickest way to a loved one’s heart, it isn’t the only one. Jetting off for Valentine’s Day (via plane or train) also saw a significant rise as the number of transactions increased by 17 percent in 2017, accounting for 21 percent of total spend over the most romantic time of the year.

Indulging in a hotel stay remains a firm favorite with a 34 percent share of spend, but couples who prefer nesting at home aren’t alone. Mastercard’s research found that nearly 1 in 3 people celebrated this holiday with a quiet, but romantic night in.

Though it is the thought (and experience) that counts in love, material gifts are always appreciated. Mastercard’s research showed that 42 percent of people planned to buy a present for their loved ones. Consumers in Philippines (71 percent) and Thailand (71 percent) are the region’s most enthusiastic givers, followed by China at 63 percent and Singaporeans at 59 percent. Traditional treats like flowers and jewelry have been the gifts of choice since 2015, as overall spend bloomed by 39 percent and 21 percent respectively.

So, for those wanting to wow a loved one with an unforgettable Valentine’s Day, advice from the Index is to plan ahead. The data suggests that people are no longer leaving purchases to the last minute, as the majority (28 percent) of Valentine’s purchases are made on 11 February (4.6 million transactions over the last three years).

While treats and gestures continue to endure, the ways we purchase them are changing. Swiping took a left turn over the last three years, as contactless payments rise in popularity. Tap-and-go payments tracked a 46 percent increase in transactions made, while its value rose by 166 percent.

Meanwhile, appetite for online shopping has grown with a healthy 30 percent increase in the number of e-commerce transactions. Yet, as payments become more digitized, the power of the physical touch remains – 89 percent of Valentine’s Day transactions are still made in person.

Rustom Dastoor, Senior Vice President, Marketing and Communications, Asia Pacific, Mastercard, said, “Whether it’s a small, sweet gesture or a sumptuous surprise for that special someone, consumers in Asia Pacific are feeling the love and spending more than ever before. The proof is in the purchase, as Valentine’s Day continues to be one of the most popular spending periods of the year.”

He added, “Now in its third year, our Mastercard Love Index offers retailers priceless insights into how customers want to enjoy the most romantic day of the year. These insights, coupled with world-class technologies, enable us to co-create priceless experiences with cardholders and the people they care about most.”

Regional summary of consumer spending habits across the globe

KEY SPENDING PATTERNS PER REGION DURING VALENTINE’S DAY PERIOD ACROSS 2015 – 2017

Asia Pacific

Sentimental spending has increased by 22% since 2015, with the overall number of transactions up by 74%

30% increase in the number of e-commerce transactions

People are planning ahead with the majority (28%) of Valentine’s purchases happening on the 11th February (4.6 million transactions)

The number of transactions on transportation (air and/or train) increased by 17% in 2017, accounting for 21% of total spend during the Valentine’s Day period

The share of contactless transactions has seen an increase of 46%, and the value of these transactions increased by 166%

Spend on flowers in APAC increased by 39% vs. 2015 and the number of transactions also increased by 61%. Jewelry has seen overall spend increase by 21% with transactions increasing by 58% vs. 2015

Canada

The number of transactions on transportation (air and/or train) increased by 27% in 2017, accounting for 33% of total spend

The share of contactless transactions has seen an increase of 96% since 2015, and the valueof these transactionsincreased by 206%

Canada saw a 216% increase in the number of e-commerce transactions in the period

Canadians are planning ahead with the majority (30%) of Valentine’s purchases happening on the 11th February (1.6 million transactions globally)

Europe

Sentimental spendingincreased by 19% since 2015 in Europe, with the overall number of transactions up by 39%

The number of transactions on transportation (air and/or train) increased by 38% in 2017, accounting for 31% of total

Share of spend on dining out at restaurants has remained stable; taking a 29% share of spend and a 65% share of transactions in 2017

Spend on flowers has increased by 29% vs. 2015, and the number of transactions has increased by 48%. Jewelry has seen spend decrease by 5% with transactions increasing by 15% vs. 2015

Latin America and the Caribbean

LAC saw a 327% increase in the number of e-commerce transactions

The number of transactions on flowers has increased by 28%. Jewelry also shows a similar trend with spend decreasing by 57% but interestingly transactions increased by 6%

Share of spend on hotels has actually decreased by -29%; taking a 18% share of spend and a 8% share of transactions in 2017

The number of transactions on transportation (air and/or train) increased by 27% in 2017, accounting for 8% of total spend during the Valentine’s Day period

Middle East

People are planning ahead in MEA with the majority (29%) of Valentine’s purchases happening on the 11th February (620k transactions globally on February 11th over the past 3 years)

Share of spend on hotels has also remained stable over the past 3 years; taking a 41% share of spend and a 21% share of transactions in 2017

Spend on flowers has increased by 96% vs. 2015 with the number of transactions increasing by 71%

United States

America saw a 106% increase in the number of e-commerce transactions from Valentine’s Day

–ENDS-

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

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